Industry
China rolls out $8b fund to back outbound investments
China has launched a RMB50 billion ($8 billion) fund in Shanghai to aid overseas acquisitions by Chinese companies. The fund, which is the largest international renminbi-denominated vehicle ever created, has already raised RMB12 billion.
First Eastern backs Sustainable Development Capital
First Eastern Investment Group, a Hong Kong-based investor with interests in private equity and venture capital, has acquired a minority stake in Sustainable Development Capital (SDCL). The two firms have also set up an Asia-focused joint venture.
Washington State commits $400m to KKR's Asian fund
Washington State Investment Board has committed $400 million to KKR’s second Asia fund, which is seeking to raise up to $6 billion. The investment was disclosed alongside those made to Oaktree Capital Management’s newest distressed debt fund and Cinven...
CPPIB hires Goldman's Mark Machin as Asia president
Canada Pension Plan Investment Board (CPPIB) has appointed former Goldman Sachs executive Mark Machin as Asia president. He will be based in Hong Kong and take responsibility for the pension fund’s investment strategy and programs throughout Asia Pacific....
Jacob Ballas commits $20m to Indian engineering company
Jacob Ballas Capital India has aggreed to pay INR1 billion ($20.29 million) for a minority stake in DBM Geotechnics and Constructions, an Indian engineering infrastructure firm.
Vistra launches fund administration services in Asia
Vistra Fund Services has launched an Asian unit to complement existing operations run out of Jersey and Luxembourg. Based in Hong Kong, the new unit will provide fund administration and associated services to fund managers throughout Asia.
Chinese outbound investment to top $800b by 2016
Chinese outbound investment will expand by $800 billion over the five years to 2016, according to A Capital, a private equity firm focused on cross-border transactions involving Chinese companies. The cumulative value of outbound deals has risen tenfold...
CalPERS criticizes PE industry on tax breaks
Joe Dear, CIO of the California Public Employees’ Retirement System (CalPERS), waded into debate on how private equity is taxed in the US, saying that buyout firm executives “risk becoming the robber barons of the 21st century” if they don’t back down....
Foreign RMB funds suffer from LP access troubles
With state-backed firms hesitant to commit and wealthy individuals unreliable, overseas private equity firms face a long slog to raise their renminbi funds
CVC-backed Nine in talks to sell magazine business – reports
CVC Capital Partners-owned Nine Entertainment has held talks with Seven West Media over the potential sale of its ACP magazines division. The funds raised would help pay down some of the beleaguered company’s A$2.7 billion ($2.8 billion) in senior debt...
Temasek backs US online ad startup
Temasek Holdings has led a $30 million round of investment in Marin Software, a San Francisco-headquartered advertising management platform. The company has now attracted more than $80 million from VC and PE backers.
VSG to facilitate LP direct investment in India
VSG Capital Advisors, a new investment bank, has been established in India to advise on domestic and cross-border deals. The move comes at a time when pension funds and sovereign wealth funds are tipped to raise their direct investment allocations to...
SEC inquiry targets PE asset valuation mechanisms
Private equity firms have been asked to disclose to US regulators information on how they value assets, as well as on areas including fundraising and fund formation, as part of an informal inquiry into the industry. The Securities and Exchange Commission...
COLI, ICBC raise $230m for second China property fund
China Overseas Land & Investment (COLI) and ICBC International Investment Management have raised $230 million in initial capital for their Harmony China Real Estate Fund II. The vehicle's full target is $500 million.
L Capital invests in Chinese fashion company - updated
L Capital Asia, the private equity unit of multinational luxury giant LVMH, has invested $200 million in Trendy International Group, a Chinese casual-wear company, contrary to an earlier report in the South China Morning Post that put the price at $2...
L Capital expands China portfolio with $2b investment
L Capital Asia, the private equity unit of multinational luxury giant LVMH, has reportedly purchased a 10% stake in China fashion company Ochirly for US$2 billion. It is another indication of the brand’s ambition to expand its portfolio in the world's...
Chinese government backs Sino-Hollywood movie fund
The Chinese government will support a new private equity fund set up to finance movie co-productions with foreign players in China. It is the first-ever state-backed film investment fund.
NEA hires Carmen Chang as advisor
Venture capital firm New Enterprise Associates (NEA) has appointed Carmen Chang to the role of special senior advisor. Chang joins NEA from US law firm Wilson Sonsini Goodrich & Rosati (WSGR).
CalSTRS considers separate accounts strategy
California State Teachers’ Retirement System (CalSTRS) is considering making separate account commitments to private equity firms. A similar strategy has already been employed by other pension funds like Texas Teachers’ Retirement System and New Jersey...
CDC appoints ex-Actis partner head of direct investment
CDC Group, the UK development finance institution that targets private equity investments in South Asia and sub-Saharan Africa, has appointed Mark Pay to head up its direct investments division. Pay is rejoining the group, having departed in 2004 as part...
KKR-backed MMI plans $300m high-yield bond issue
MMI International, a KKR portfolio company, plans to issue a $300 million high-yield bond to refinance debts incurred through its 2007 buyout. The move indicates that non-traditional funding channels are opening up for private equity firms at a time when...
CIC, Sinopec commit $300m to Sunshine Oilsands IPO
China Investment Corp (CIC) and China Petrochemical Corp. (Sinopec) are among three cornerstone investors to pledge $350 million to Sunshine Oilsands' Hong Kong listing. The news comes a few days after the company said it would postpone its IPO to allow...
Australian private equity continues to outperform stocks
Australian private equity continues to outperform the country’s stock markets, according to a research demonstrated by the Australian Venture Capital Association (AVCAL).
Actis launches tool to assess impact of energy investments
Emerging markets private equity firm Actis has unveiled a tool for assessing the sustainability of its energy investments. It aims to capture the key drivers that build value and pinpoint where improvements could be made.